Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 9 months ago,

User Stats

149
Posts
121
Votes
Jonathan Small
Pro Member
  • Investor
  • Suwanee, ga
121
Votes |
149
Posts

How to account income from multiple properties on a single 1099

Jonathan Small
Pro Member
  • Investor
  • Suwanee, ga
Posted

Scenario:  I have 3 properties managed by on property manager.  I receive one 1099 for all properties at the end of the year.  I am using a CPA to do my taxes.  How should the tax return capture each property separately as well as the 1099.

1099 Total (example):  36,000k total

property 1: 10k total rent

property 2:  20k total rent

property3: 6k total rent

This is what we are doing and just curios as pros and cons:  We report a schedule E for each property.  property 1 total rent is 10k, property 2 total rent is 20k, property 3 total rent is 36k

property 3 then has a schedule statement that shows 36k total minus 30k.  
She stated she did this so that we report the full 36k 1099.  If we didn't have a line item for the 36k then IRS would flag our return because we have a 36k 1099 that is not being reported.

side note:  I have about 25 properties managed by 4 property managers. In short I am replicating the process 4 times because I each one of my 1099s are tied to multiple properties.

====================

I have asked 3 accounting professionals and received slightly different answers. 

I am looking for feedback from other accounting or CPA professionals.  Thank you much



  • Jonathan Small
  • Loading replies...